February 2014 Real Estate Market Statistics
This is the year to sell your home. Selling your home in the spring is the best time because this is when there is the largest number of buyers. Right now, sellers have very little competition! Serious buyers are looking for a home right now, and want to settle into the existing rate before it goes up.
There were only 10 more homes available compared to the previous month of January. More homes were available on the market during February compared to January 2014, but fewer homes were sold. February’s current inventory stood at 1877 with only 195 homes sold.
In terms of speed, it took 123 days to sell 195 homes, and would take 9.62 months to clear out the 1877 homes that were available. Last year in February, 228 homes sold in 147 days, taking about 10.92 months to clear out 2492 homes that were available. The amount of available homes is drastically decreasing.
Looking at the last 4 years, the current inventory has never been this low! There was a 25 percent decline in the number of home sales from January to February of this year. With spring approaching, we are hoping that Staten Island’s home sales rise above 200 for the month of March.
The home sales in Staten Island totaled at $84,115,099, which is less than last month and February 2013. The average listing prices and the final average home sale prices for February 2014 were higher than last year. Looking at January, the pricing is pretty similar to February.
The median price on Staten Island for the month of February was around $400,000. Should homeowners re-evaluate the prices they set for their homes? This is a good standard price, especially for first and second time home buyers, because it hasn’t drastically changed within the last 4 years. Buyers and sellers shouldn’t be making their decisions to move or not based on the seasons. Now is the time to make a change, by living your desired life, in a new home.
If you’ve been questioning your finances or stressing over your living space, now is the right time to consider moving. Rather than trying to repair what’s bothering you, sell! Sellers had all winter to do research and rent their homes out, but now is the time to completely move on and move out.